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Investments (Tables)
 12 Months Ended
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Schedule of Fair Value of Equity Securities
The following table details fixed maturity available-for-sale securities, by major investment category, at December 31, 2020 and 2019:
Cost or Adjusted/Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
December 31, 2020
U.S. government and agency securities$129,417 $1,147 $139 $130,425 
Foreign government1,374 142 — 1,516 
States, municipalities and political subdivisions132,336 2,318 272 134,382 
Public utilities29,526 482 28 29,980 
Corporate securities285,814 6,633 118 292,329 
Mortgage-backed securities285,639 3,039 466 288,212 
Asset-backed securities56,351 525 219 56,657 
Redeemable preferred stocks6,257 266 13 6,510 
Total fixed maturities$926,714 $14,552 $1,255 $940,011 
December 31, 2019
U.S. government and agency securities$120,260 $749 $193 $120,816 
Foreign government3,975 97 1 4,071 
States, municipalities and political subdivisions131,203 2,611 63 133,751 
Public utilities24,660 700 26 25,334 
Corporate securities281,892 7,123 143 288,872 
Mortgage-backed securities248,206 4,174 477 251,903 
Asset-backed securities56,487 683 41 57,129 
Redeemable preferred stocks2,915 72 2 2,985 
Total fixed maturities$869,598 $16,209 $946 $884,861 

Equity securities are summarized as follows at:
December 31, 2020December 31, 2019
Estimated Fair ValuePercent of TotalEstimated Fair ValuePercent of Total
Mutual funds$152 2.0 %$65,453 56.1 %
Public utilities— — 3,663 3.1 
Other common stocks— — 44,492 38.2 
Non-redeemable preferred stocks7,293 98.0 3,002 2.6 
Total equity securities$7,445 100.0 %$116,610 100.0 %
Schedule of Realized Gain (Loss) The following table details our realized gains (losses) by major investment category for the years ended December 31, 2020, 2019, and 2018:
202020192018
Gains
(Losses)		Fair Value at SaleGains
(Losses)		Fair Value at SaleGains (Losses)Fair Value at Sale
Fixed maturities$32,460 $678,736 $1,678 $209,302 $373 $41,776 
Equity securities38,325 131,178 94 814 2,828 6,073 
 Short-term investments
— 1,346 — 3,863 — — 
Total realized gains70,785 811,260 1,772 213,979 3,201 47,849 
Fixed maturities(478)16,552 (324)43,573 (1,376)135,944 
Equity securities(3,602)13,805 (219)1,387 (170)995 
 Short-term investments
(14)1,258 (1)1,035 — — 
Total realized losses(4,094)31,615 (544)45,995 (1,546)136,939 
Net realized investment gains$66,691 $842,875 $1,228 $259,974 $1,655 $184,788 
Investments Classified by Contractual Maturity Date
The table below summarizes our fixed maturities at December 31, 2020 by contractual maturity periods. Actual results may differ as issuers may have the right to call or prepay obligations, with or without penalties, prior to the contractual maturities of those obligations.
December 31, 2020
Cost or Amortized CostPercent of TotalFair ValuePercent of Total
Due in one year or less$66,420 7.2 %$66,921 7.1 %
Due after one year through five years209,129 22.6 %214,742 22.8 %
Due after five years through ten years295,036 31.8 %299,230 31.9 %
Due after ten years14,139 1.5 %14,249 1.5 %
Asset and mortgage-backed securities341,990 36.9 %344,869 36.7 %
Total$926,714 100.0 %$940,011 100.0 %
Investment Income
The following table summarizes our net investment income by major investment category:
Year Ended December 31,
202020192018
Fixed maturities$21,789 $23,267 $22,043 
Equity securities2,155 2,474 2,206 
Cash and cash equivalents1,329 4,118 1,953 
Other investments38 1,253 942 
Other assets178 117 57 
Investment income25,489 31,229 27,201 
Investment expenses(1,364)(1,084)(1,031)
Net investment income$24,125 $30,145 $26,170 
Schedule of Unrealized Loss on Investments
The following table presents an aging of our unrealized investment losses by investment class:
Less Than Twelve MonthsTwelve Months or More
Number of Securities(1)
Gross Unrealized LossesFair Value
Number of Securities(1)
Gross Unrealized LossesFair Value
December 31, 2020 
U.S. government and agency securities44 $129 $40,341 18 $10 $10,482 
Foreign governments— — — — — — 
States, municipalities and political subdivisions22 272 30,538 — — — 
Public utilities8 28 9,472 — — — 
Corporate securities40 116 25,052 3 2 753 
Mortgage-backed securities87 397 100,171 8 69 3,479 
Asset backed securities21 207 17,682 1 12 988 
Redeemable preferred stocks5 13 358 — — — 
Total fixed maturities227 $1,162 $223,614 30 $93 $15,702 
December 31, 2019
U.S. government and agency securities37 $89 $26,372 39 $104 $31,364 
Foreign governments— — — 2 1 600 
States, municipalities and political subdivisions31 61 14,508 2 2 1,262 
Public utilities9 25 4,626 2 1 250 
Corporate securities42 124 22,435 27 19 9,605 
Mortgage-backed securities89 322 59,101 50 155 12,738 
Asset-backed securities15 34 8,447 5 7 1,259 
Redeemable preferred stocks— — — 1 2 97 
Total fixed maturities223 $655 $135,489 128 $291 $57,175 
(1) This amount represents the actual number of discrete securities, not the number of shares or units of those securities. The numbers are not presented in thousands.
Schedule of Fair Value of Financial Instruments Measured on a Recurring Basis
The following table presents the fair value of our financial instruments measured on a recurring basis by level at December 31, 2020 and 2019:
TotalLevel 1Level 2Level 3
December 31, 2020
U.S. government and agency securities$130,425 $— $130,425 $— 
Foreign government1,516 — 1,516 — 
States, municipalities and political subdivisions134,382 — 134,382 — 
Public utilities29,980 — 29,980 — 
Corporate securities292,329 — 292,329 — 
Mortgage-backed securities288,212 — 288,212 — 
Asset-backed securities56,657 — 56,657 — 
Redeemable preferred stocks6,510 1,554 4,956 — 
Total fixed maturities940,011 1,554 938,457 — 
Mutual funds152 152 — — 
Public utilities— — — — 
Other common stocks— — — — 
Non-redeemable preferred stocks7,293 7,293 — — 
Total equity securities7,445 7,445 — — 
Other investments (1)
38,002 300 37,702 — 
Total investments$985,458 $9,299 $976,159 $— 
December 31, 2019
U.S. government and agency securities$120,816 $— $120,816 $— 
Foreign government4,071 — 4,071 — 
States, municipalities and political subdivisions133,751 — 133,751 — 
Public utilities25,334 — 25,334 — 
Corporate securities288,872 — 288,872 — 
Mortgage-backed securities251,903 — 251,903 — 
Asset-backed securities57,129 — 57,129 — 
Redeemable preferred stocks2,985 747 2,238 — 
Total fixed maturities884,861 747 884,114 — 
Mutual Funds65,453 65,453 — — 
Public utilities3,663 3,663 — — 
Other common stocks44,492 44,492 — — 
Non-redeemable preferred stocks3,002 3,002 — — 
Total equity securities116,610 116,610 — — 
Other investments (1)
499 300 199 — 
Total investments$1,001,970 $117,657 $884,313 $— 
(1) Other long-term investments included in the fair value hierarchy exclude these other limited partnership interests that are measured at estimated fair value using the net asset value per share (or its equivalent) practical expedient.
Schedule of Fair Value of Financial Instruments with Unobservable Inputs
The information presented in the table below is as of December 31, 2020 and 2019:
Book ValueUnrealized GainUnrealized LossFair Value
December 31, 2020
Limited partnership investments (1)
$9,532 $225 $164 $9,593 
Certificates of deposit300 — — 300 
Short-term investments37,703 — 1 37,702 
Total other investments
$47,535 $225 $165 $47,595 
December 31, 2019
Limited partnership investments (1)
$7,568 $2,236 $51 $9,753 
Certificates of deposit300 — — 300 
Short-term investments199 — — 199 
Total other investments$8,067 $2,236 $51 $10,252 
(1) Distributions will be generated from investment gains, from operating income, from underlying investments of the funds, and from liquidation of the underlying assets of the funds. We estimate that the underlying assets of the funds will be liquidated over the next few months to seven years.
Restrictions on Cash and Cash Equivalents
The following table presents the components of restricted assets:
December 31,
20202019
Trust funds$61,142 $70,668 
Cash on deposit (regulatory deposits)936 920 
     Total restricted cash$62,078 $71,588 
Securities on deposit The table below shows the carrying value of those securities held on deposit with regulators.
December 31,
20202019
Invested assets on deposit (regulatory deposits)$4,023 $4,599